Growing uncertainty over the OPEC+ agreement and warnings from the IEA of another oil price war has caused volatility in oil markets to spike. Chart of the Week- Rystad Energy sees U.S. crude production closing this year at 11.62 mbpd, with September-October output dropping back from the summer months.- Despite the overall beneficial pricing environment, 2021 production is hindered by the fact that some 35-40% of shale operators have hedged their output, i.e. producing more would trigger financial losses. - US oil production,…
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